I do not believe there is much threat of Chinese demand waning anytime soon but others do and any sort of real estate correction would hurt the Australian banks, but I do not believe the magnitude would be anywhere near the carnage that has occurred in the U.S.; the Financial Sector SPDR (XLF), a proxy for U.S.- based financial companies, is still down 61% from its 2007 highwater mark.
That the ACWI alternatives, DEW and SDIV, have risk factors is not a negative because all investment products have risk factors. What would be worse is not knowing the risk factors for a fund you own.
Looking forward, the largest global markets, the ones in ACWI could have more years of below normal growth, which makes the dividend yields available from DEW and SDIV all the more important to give investors preferring broad-based funds a better chance for normal returns over the long term. An extra 200 to 300 basis points in yield from both funds will make a huge difference if price appreciation continues to be weak.